The Vagaries of the Sea: Evidence on the Real Effects of Money from Maritime Disasters in the Spanish Empire

A previous version of this paper circulated under the title “The real effects of money supply shocks: Evidence from maritime disasters in the Spanish Empire.” The authors wish to thank Guido Ascari, Adrian Auclert, Jeremy Baskes, Christopher Bowdler, Carlos Santiago Caballero, David Chilosi, Lawrence Christiano, Olivier Coibion, Leonor Costa, Matthias Doepke, Martin Eichenbaum, Barry Eichengreen, Andrea Ferrero, Simon Gilchrist, Nicholas J. Mayhew, Carlos Alvarez Nogal, Pilar Nogues-Marco, Itzhak Rasooly, Gary Richardson, Rafaelle Rossi, Nathan Sussman, Rick van der Ploeg, Akos Valentinyi, François R. Velde, Casper de Vries, Chris Wallace, and Nikolaus Wolf, as well as seminar participants and two anonymous referees for helpful comments. We are very grateful to Noel Johnson, Ernesto López Losa, Leandro Prados de la Escosura, and Kıvanç Karaman for sharing their data with us. The authors also wish to thank the librarians at Erasmus University for bringing source material to our attention. Any remaining errors are our own.

A supplemental appendix is available online at https://doi.org/10.1162/rest_a_01223 and the replication data can be found at https://doi.org/10.7910/DVN/PSOYNM.